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Viva Gold Announces Resource Estimate for Tonopah Gold Project
VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- Viva Gold Corp (TSX-V:VAU) (the “Company” or “Viva”) is pleased to report a Mineral Resource est
About this update from Viva Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- Viva Gold Corp (TSX-V:VAU) (the “Company” or “Viva”) is pleased to report a Mineral Resource estimate for the Tonopah Gold Project located on the prolific Walker Lane Gold Trend of Western Nevada about 20 miles northeast of the town of Tonopah, Nevada. In-Pit Constrained Mineral Resource Classification Tonnes (x1000) Gold Gradegrams/tonnes Contained Ounces Measured 1,500 1.15 56,000 Indicated 5,200 0.78 130,000 Measured and Indicated 6,700 0.95 186,000 Inferred 9,600 0.77 238,000 The Tonopah Gold Project has been delineated by a number of companies in various drilling programs since 1980. A total of 86,706 meters of drilling in 637 reverse circulation and core holes have been completed. Project development was significantly hindered by a high NSR royalty structure prior to Viva’s acquisition of the project. Viva was able to reduce the royalty from 7% to 2% with the ability to further reduce the royalty to 1% by making a cash payment of $1.0 million. Viva drilled four additional core holes during February 2018, totaling 575 meters. These holes have not been entered into the database as the Company is waiting on gold assay results. “This estimate demonstrates the potential for developing a robust mining scenario for the Tonopah Project. A new perspective of the Tonopah Project was taken by incorporating a substantially reduced royalty structure and the inclusion of lower grade mineralization through open pit mining methods. Additional infill drilling is required to convert the inferred resource to a measured and indicated classification and we also believe that substantial potential exists to further expand the resource on this project through step-out drilling along trend and between mineralized zones. Additional metallurgical test work is required to determine the final process route and gold recovery for the project. Importantly, we have developed a new geologic model for the deposit that we believe can add significant new resource expansion potential for the property,” states James Hesketh, President & CEO. This resource estimate is based on initial recovery and process cost assumptions. Additional metallurgical test-work has commenced and is required to verify and further optimize historical test-work for ...